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Telecom services · Communication Services · Fiscal year ends Dec 31 · Reports in TRY
Turkcell Iletisim Hizmetleri A S reported revenue of TRY 241B in the fiscal year ended Dec 2025, up 10.7% from the year before. Operating income was TRY 38.3B, an operating margin of 15.9%, and net income was TRY 17.6B. Operating cash flow of TRY 96.6B less capital expenditure of TRY 44B left free cash flow of TRY 52.7B. Net debt was TRY 66.8B.
Ranks among the 31 telecom services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 108,600 | 93,487 | 202,429 | 218,160 | 241,471 |
| Cost of revenue | 86,138 | 81,681 | 159,534 | 164,326 | 173,124 |
| Gross profit | 22,462 | 11,806 | 42,895 | 53,834 | 68,346 |
| Research & development | 89.9 | 129 | 133 | 411 | 451 |
| Operating income | 12,101 | 2,953 | 14,764 | 26,064 | 38,314 |
| Interest expense | 21,308 | 11,949 | 37,667 | 22,286 | 22,064 |
| Pre-tax income | 7,317 | 3,251 | 11,125 | 20,881 | 31,190 |
| Income tax | 900 | −2,785 | −8,837 | 6,369 | 13,399 |
| Net income | 7,136 | 6,879 | 23,684 | 30,779 | 17,604 |
| Diluted EPS | 3.27 | 3.15 | 10.87 | 14.12 | 8.08 |
| Diluted shares | 2,183 | 2,183 | 2,182 | 2,181 | 2,178 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 30,601 | 42,776 | 49,979 | 90,230 | 91,828 |
| Receivables | 6,828 | 10,982 | 10,926 | 21,549 | 23,545 |
| Inventory | 459 | 495 | 541 | 883 | 898 |
| Current assets | 48,566 | 77,313 | 102,546 | 148,815 | 156,629 |
| Net PP&E | 76,259 | 71,494 | 125,956 | 136,947 | 157,350 |
| Goodwill | 259 | – | – | – | – |
| Total assets | 151,298 | 234,989 | 247,083 | 450,630 | 500,573 |
| Payables | 11,040 | 17,018 | 20,606 | 38,839 | 42,996 |
| Deferred revenue | 915 | 1,402 | 1,313 | 1,993 | 2,022 |
| Current liabilities | 28,264 | 48,476 | 57,728 | 118,895 | 91,990 |
| Short-term debt | 14,535 | 27,552 | 26,138 | 67,940 | 35,916 |
| Long-term debt | 45,880 | 61,185 | 57,947 | 68,634 | 122,733 |
| Total liabilities | 85,933 | 125,611 | 124,848 | 205,906 | 241,240 |
| Shareholders' equity | 65,366 | 109,372 | 122,248 | 244,725 | 259,333 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 61,647 | 42,281 | 78,846 | 82,799 | 96,620 |
| Capital expenditure | 18,058 | 15,381 | 26,867 | 40,182 | 43,968 |
| Free cash flow | 43,588 | 26,900 | 51,979 | 42,616 | 52,652 |
| Depreciation & amortisation | 31,188 | 32,596 | 59,149 | 62,256 | 63,928 |
| Stock-based compensation | 0.0 | 0.0 | 201 | 1,818 | 1,226 |
| Acquisitions | 235 | – | – | – | – |
| Share buybacks | 0.9 | – | 95.9 | 429 | 258 |
| Dividends paid | 8,963 | 2,373 | 4,658 | 9,574 | 8,986 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −13.9% | 116.5% | 7.8% | 10.7% |
| Operating income growth (YoY) | – | −75.6% | 399.9% | 76.5% | 47.0% |
| EPS growth (YoY) | – | −3.7% | 245.1% | 29.9% | −42.8% |
| Gross margin | 20.7% | 12.6% | 21.2% | 24.7% | 28.3% |
| Operating margin | 11.1% | 3.2% | 7.3% | 11.9% | 15.9% |
| Net margin | 6.6% | 7.4% | 11.7% | 14.1% | 7.3% |
| Return on equityBlank when equity is negative | 10.9% | 6.3% | 19.4% | 12.6% | 6.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 9.8% | 1.6% | 7.8% | 7.9% | 9.4% |
| Free cash flow margin | 40.1% | 28.8% | 25.7% | 19.5% | 21.8% |
| Cash conversion (CFO ÷ net income) | 8.64x | 6.15x | 3.33x | 2.69x | 5.49x |
| Receivable days | 23 | 43 | 20 | 36 | 36 |
| Inventory days | 2 | 2 | 1 | 2 | 2 |
| Payable days | 47 | 76 | 47 | 86 | 91 |
| Interest cover | 0.57x | 0.25x | 0.39x | 1.17x | 1.74x |
| Debt ÷ equity | 0.92x | 0.81x | 0.69x | 0.56x | 0.61x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 29,814 | 45,961 | 34,105 | 46,344 | 66,821 |
| Current ratio | 1.72x | 1.59x | 1.78x | 1.25x | 1.70x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.